We continue to offer a free 2-week trial of WrapPRO. If you’ve been wanting to check out our full coverage, now’s the time.Greetings!We're a day away from Warner Bros. Discovery's deadline for first-round bid submission, and the M&A saga took another turn. For weeks, there's been chatter of Saudi Arabia somehow getting into the mix, and now we have a clearer picture of that. Paramount is in talks with Saudi Arabia’s Public Investment Fund (PIF), the Qatar Investment Authority (QIA) and the Abu Dhabi Investment Authority (ADIA) about teaming up on a bid for all of WBD, according to people familiar with the situation. What's interesting is Paramount doesn't really need the money — it's backed by Larry Ellison, the world's second-richest man — and the deal is more of a strategic play. Paramount partnering with the Arab funds means it's boxing out Comcast from potentially striking a similar deal. While a Comcast source said that the cable giant has no plans to fund its bid with Saudi Arabian investment, Paramount doesn't want to take the chance. One source told TheWrap: “If you’re David Ellison, you don’t have a choice.” The other reason is political. President Donald Trump and Saudi Crown Prince Mohammed bin Salman are chummy, as evidenced by the warm welcome bin Salman received this week in D.C. Having the PIF as a joint investor could help Paramount ease the regulatory process even further. This all comes as WBD's deadline for first-round bids comes up tomorrow, which means we may get even more twists in the coming days. Roger Cheng 
With the deadline approaching, Paramount, Comcast and Netflix remain in the mix for WBD — or at least parts of it... 
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